Friday, February 11, 2011

FBM KLCI extends losses in early trade

KUALA LUMPUR: The FBM KLCI clawed back to pare down its losses at mid-morning on Friday, Feb 11 after having fallen more than 13 points in early trade in line with the cautious sentiment at regional markets.

At 10am, the FBM KLCI was down 1.09 points to 1,502.90. It had earlier fallen to a low of 1,490.44 before some buying support pushed the index back above the psychologically crucial 1,500-point level.

Losers led gainers by 418 to 134, while 222 counters traded unchanged. Volume was 450.53 million shares valued at RM496.92 million.

At the regional markets, Taiwan's Taiex fell 0.67% to 8,777.53, Singapore's Straits Times Index lost 0.57% to 3,085.66, the Australian S&P/ASX 200 Index fell 0.32% to 4,898.60, South Korea's Kospi down 0.25% to 2,003.44, the Shanghai Composite Index shed 0.16% to 2,813.62 while Hong Kong's Hang Seng Index opened 0.3% higher at 22,766.05.

Japan's stock markets are closed today for a national holiday.

BIMB Securities Research said Wall Street closed flat yesterday impacted by disappointing quarterly results announcement by the benchmark index key component stocks.

It said TECHNOLOGY [] stocks led by Cisco and Akamai Technology Incorporated both issued weak earnings forecast at its results announcement, raising concern about business and technology spending.

This is despite the lower number of first time claim on unemployment benefit that dropped to 383,000, the lowest recorded in the last 3 years, it said.

'Although lower but it may not affect the unemployment rate that currently stands at 9% as it has to dip below the 375,000 level before it can make any impact.

'Given the less-than-encouraging momentum in Wall Street and added with the regional market heavy sell off yesterday, we expect the regional and local market will continue with its selling mode today,' it said in a note Feb 11.

On Bursa Malaysia, Nestle was the top loser at mid-morning and fell 56 sen to RM45.34; RHB Capital lost 23 sen to RM8.04, KLK 22 sen to RM21.86, Aeon 17 sen to RM6, Batu Kawan 16 sen to RM16.62, Widetech and Affin 11 sen each to 89 sen and RM3.49, while Carlsberg fell 10 sen to RM6.33.

Gainers included Southern Steel, Ekovest, Petronas Chemicals, Melati Ehsan, Petronas Gas and Atlan.

Karambunai was the most actively traded stock with with 21.82 million shares done. The counter was unchanged at 25 sen. Other actives included SAAG, Ho Wah Genting, Olympia, Iris, Ramunia and NV Multi Corp.

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